Fets do not affect what voltage your car can handle, only how much current it can put out to the motor. I've also seen quite a few on li-pos, which are higher-discharge versions of li-ions, and it handles them fine.
Yes, from my experience you can use Li-Ions and Poly's on the IW04. But you need to put a 10ohm resister on the red and black steering wire leads. Why? Because the out-put of the batts is to high for that of the steering motor. Mine fried because of it, waiting for a replacement.
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